The global Industrial Chain Drives The Market size and is poised to grow remarkably from 2023 to 2033. According to the research report published by Future Market Insights, the global market is projected to surpass a valuation of USD 4.6 billion in 2023.
It is predicted to hit a valuation of USD 6.5 billion by 2033. The market is foreseen to record a CAGR of 3.6% from 2023 to 2033.
Industrial automation, increased production, infrastructure development, the energy and power generating sector, and new developments in technology in chain drive technology are some reasons contributing to the rising industrial chain drives market.
| Attributes | Details |
|---|---|
| Industrial Chain Drives Market Share (2022) | USD 4.4 billion |
| Industrial Chain Drives Market Share (2023) | USD 4.6 billion |
| Industrial Chain Drives Market Share (2033) | USD 6.5 billion |
| Industrial Chain Drives Market Share (2023 to 2033) | 3.6% |
Key Factors Fueling the Demand for Industrial Chain Drives:
Challenges in the Industrial Chain Drives Industry:
Opportunities in the Industrial Chain Drives Industry:
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The global industrial chain drives industry size developed at a CAGR of 4.4% from 2018 to 2022. In 2018, the global market size stood at USD 3.7 billion. The market witnessed significant growth in the following years, accounting for USD 4.4 billion in 2022.
The manufacturing industry has undergone notable growth in recent years on an international scale. Factors including population growth, urbanization, and increased disposable incomes significantly contribute to this rise.
Chain drives are widely used in the industrial sector to transmit power in a variety of machines and equipment, including pumps, compressors, and machine tools. Thus, the demand for chain drives has expanded as a result of the growing manufacturing industry.
Power transmission systems are witnessing increased demand as industrial automation becomes a bigger focus.
Conveyors, packing equipment, and assembly lines are just a few examples of industrial applications where chain drives are frequently employed due to their durability and capacity to carry heavy loads. Chain drives are more in demand as many industries strive to automate their workflows.
| Historical CAGR (2018 to 2022) | 4.4% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 3.6% |
According to the segmentation based on type, the double-pitch chain segment is anticipated to dominate the global market. As per FMI, the double pitch chain segment is projected to thrive at a CAGR of 3.4% from 2023 to 2033.
There are many different sizes and specifications of double-pitch chains available on the market from different manufacturers. Because of their accessibility and standardization, they are compatible with a variety of industrial systems and equipment.
In contrast to certain other types of chains, double-pitch chains provide a financially viable option for power transmission. They might be a cost-effective option for applications with low loads and speeds since they are often less expensive to manufacture. Additionally, they are relatively easy to install and replace, further propelling their market demand.
According to the segmentation based on end user, the manufacturing sector is predicted to emerge dominant during the forecast period. As per FMI, the manufacturing end-user segment is slated to exhibit a CAGR of 3.2% from 2023 to 2033.
A broad spectrum of sectors is encompassed in the manufacturing sector, including textiles, food and beverage, electronics, pharmaceuticals, and the food and beverage industry. Each of these industries needs power transmission systems for different kinds of machinery and equipment.
In manufacturing, chain drives are widely used in equipment, including conveyors, packing machines, material handling systems, and assembly lines.
Manufacturing is a large user of industrial chain drives due to the variety of applications and needs it encounters. The need for chain drives in the manufacturing industry is also anticipated to increase as the trend toward industrial automation continues to increase.
Principal Consultant
The Asia Pacific region has been playing a significant role in the market for industrial chain drives. Numerous causes, including the region's swift industrialization, strong manufacturing sector, and the presence of growing economies like China, India, and Japan, are to be accredited for this.
According to Future Market Insights, China is predicted to showcase a CAGR of 3.5% from 2023 to 2033. Due to its strong manufacturing sector as well as rapid industrialization, China is experiencing tremendous expansion in the market for industrial chain drives.
The nation's measures to support automated manufacturing, technological progress, and advanced manufacturing are driving market growth.
For instance, the Make in China 2025 program, which the Chinese government established, aims to modernize the manufacturing sector through technical improvements, automation, and innovation.
This program promotes demand for cutting-edge power transmission products, including industrial chain drives. Likewise, China's Belt and Road Initiative intends to improve infrastructure development and commercial connections throughout Asia, Europe, and Africa. Infrastructure projects have expanded as a result of this endeavor, creating lucrative opportunities for the industrial chain that drives the industry.
Japan is anticipated to thrive at a 3.5% CAGR from 2023 to 2033. The concept of Industry 4.0, which stresses automation, data exchange, and intelligent manufacturing, has been extensively promoted by Japan. The implementation of smart factories and efficient production processes depends on the integration of sophisticated power transmission systems, including chain drives.
The development of cutting-edge chain drive technology has been spearheaded by Japanese businesses. For enhanced efficacy and performance, improvements have been made in lightweight chain drives, precise chain drives, and improved lubrication systems, which stimulate the market growth for industrial chain drives.
As per FMI, the market in the United States is predicted to expand at a CAGR of 3.5% from 2023 to 2033. To increase efficiency and competitiveness, the United States industrial sector has adopted automation and robots extensively.
Chain drives are essential for driving automated systems, which helps the industry grow. In the American manufacturing industry, energy efficiency and sustainability are becoming more and more important. To lessen their influence on the environment, manufacturers are using energy-efficient industrial chain drives and sustainable procedures, which are ultimately driving market growth.
| Country | Forecasted CAGR (2023 to 2033) |
|---|---|
| United States | 3.5% |
| United Kingdom | 3.3% |
| China | 3.5% |
| Japan | 3.5% |
| South Korea | 3.2% |
There are several notable players, including manufacturers, suppliers, and distributors, that make up the competitive landscape of the global market. The competition between these businesses is based on aspects like product quality, performance, dependability, customizability options, cost, and customer service.
Key players collaborate and develop strategic alliances with other industry participants, such as distributors, OEMs, and technology suppliers, to expand their market reach, enter untapped areas, and make use of their complementary capabilities.
Companies establish mergers, acquisitions, and strategic alliances to improve their competitiveness, increase capacity, and get access to emerging technology or market niches. Companies can achieve economies of scale, synergies, and a wider market reach due to these strategies.
Key Players in the Global Market:
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East & Africa (MEA) |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Type, End User, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The industrial chain drives market is expected to reach USD 4.6 billion in 2023.
The market is anticipated to expand at a CAGR of 3.6%.
Expansion of sectors like construction, manufacturing, mining, etc., and updation of outdated machinery.
Emergence of alternative power transmission methods and fluctuation products costs of chain.
Increasing adoption of industrial automation is creating growth prospects in the market.
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type
5.1. Single-strand chain
5.2. Double pitch chain
5.3. Multi-strand chain
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-User
6.1. Manufacturing
6.2. Mining
6.3. Agriculture
6.4. Construction
6.5. Others
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. North America
7.2. Latin America
7.3. Europe
7.4. Asia Pacific
7.5. MEA
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13. Key Countries Market Analysis
14. Market Structure Analysis
15. Competition Analysis
15.1. Overview
15.2. Tsubakimoto Chain
15.3. Martin Sprocket & Gear
15.4. SKF
15.5. Gates Corporation
15.6. Dayco
15.7. Wittenstein AG
15.8. Iwis
15.9. RAJA Chain
15.10. Tsurumi Manufacturing
16. Assumptions & Acronyms Used
17. Research Methodology
Explore Industrial Automation Insights
View Reports
Industrial Chain Drives Market
